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SACRAMENTO NEWS
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Bayside Communities Purchases 220-Unit Sacramento Apartment Community

9/19/12

Bayside Communities has acquired Azure Park Apartments, a 220-unit affordable apartment community in Sacramento. The property, which is currently 85% leased, will be significantly renovated and renamed Lotus Landing.

The purchase represents Bayside’s third Sacramento acquisition and boosts their portfolio to 16 properties that they own or manage in Northern California. New York-based Pembrook Capital Management provided financing in the transaction.

Bayside intends to make extensive exterior work and interior upgrades to the property. Improvements will be made to the 26 two-story apartment buildings, the one single-story clubhouse, leasing office and After-School Program center totaling over 158k sf of gross building area.

The new Lotus Landing Apartments will also benefit from exterior improvements and renovations to a number of the apartments. Additional resident services will also be provided. Unit amenities include central heating and air conditioning, as well as private balconies or patios.

According to Basil Rallis, President and COO of Bayside Communities, the company expects to significantly boost occupancy after completing the planned improvements. EPMI, a Bayside Communities affiliate, is repositioning the property and will continue to handle management duties.

Bayside Communities LLC, was formed to acquire the affordable housing assets of A.F. Evans Company, while EPMI/ Bayside Management LLC is the Bayside affiliate formed to manage the assets being acquired by Bayside Communities along with other fee-managed properties. Affiliates of Southern California-based Barker Pacific Group Inc, Lion Real Estate Group LLC and The Luzzatto Company Inc are the investors who financed the creation of Bayside Communities.






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